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Salvatore Ferragamo’s former CEO returns as the chairman

Michele Norsa

The Board of Directors of Salvatore Ferragamo S.p.A., in a meeting chaired by Ferruccio Ferragamo, has approved a new governance framework for the company, resulting in the majority shareholder Ferragamo Finanziaria S.p.A. focusing on strategic guidance and planning and the management of the group entirely entrusted to executive managers.

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Giacomo (James) Ferragamo, in order to make a seat on the Board available, resigned from his office as Board member and Michele Norsa was co-opted on to the Board of Directors, as Director and Executive Deputy Chairman of the company, pursuant to art. Michele Norsa will assume the executive powers previously exercised by the Chairman Ferruccio Ferragamo.

Michele Norsa is a manager with outstanding experience and knowledge of the luxury sector and has been Chief Executive Officer of the group between 2006 and 2016. His new role will have effect starting from 28th May, 2020 until the next shareholders’ meeting, and will entail strict co-operation with the Chief Executive Officer Micaela le Divelec Lemmi in the implementation of the company’s strategic plans.

Giacomo (James) Ferragamo will continue in his role as Brand & Product and Communication Director, an increasingly key area for the group at a time of profound changes caused by the ongoing pandemic emergency.

Giacomo (James) Ferragamo has been also confirmed as Manager with Strategic Responsibilities in the context of the current stock exchange regulations applicable to the company.

Michele Norsa has also taken over the chairmanship of the Executive Committee and the Brand & Product Strategic Committee. Michele Norsa’s Curriculum Vitae is available on the Salvatore Ferragamo S.p.A. website.

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On the basis of the information made available to the company, the Board of Directors has verified that Michele Norsa possesses the relevant reputation requirements and there are no reasons for ineligibility and incompatibility, as required by the current regulations. Michele Norsa does not hold any Salvatore Ferragamo’s shares.